RBI Imposes Monetary Penalties on 5 Co-operative Banks In a recent development, the Reserve Bank of India (RBI) has imposed monetary penalties on five co-operative banks for various violations. This action comes as part of the central bank’s efforts to ensure compliance and maintain the stability of the banking sector. Penalties Imposed: Response from RBI:…
DBS Bank India: Leading the Charge for Gender Equity Introduction to DBS Bank’s Gender Equity Initiatives DBS Bank India has taken significant strides in promoting gender equity within the workplace, setting a precedent for other organizations to follow. The bank’s commitment to fostering a diverse and inclusive environment reflects its understanding of the crucial role…
IndusInd Bank’s Pilot Program with RBI’s Programmable CBDC: Revolutionizing Agricultural Finance IndusInd Bank has embarked on a groundbreaking initiative in collaboration with the Reserve Bank of India (RBI) by launching a pilot program utilizing the central bank’s Programmable Central Bank Digital Currency (CBDC). This innovative endeavor seeks to transform the landscape of agricultural finance, offering…
Public sector banks (PSBs) in India have recorded a significant 33% increase in dividend payouts for the fiscal year 2023-24 (FY24). This surge in dividends indicates strong financial performance and stability in the banking sector. The higher payouts reflect improved profitability, asset quality, and capital adequacy among PSBs, aligning with the government’s broader financial sector…
IDBI Bank Reappoints Rakesh Sharma as MD & CEO for 3 More Years IDBI Bank’s Leadership Continuity In a significant move, IDBI Bank has reappointed Rakesh Sharma as its Managing Director (MD) and Chief Executive Officer (CEO) for a period of three years, effective from January 19, 2025. This decision was made by the bank’s…
Punjab National Bank Joins PCAF to Strengthen Climate Action Commitments Introduction to PNB’s New InitiativePunjab National Bank (PNB), one of India’s leading public sector banks, has announced its membership in the Partnership for Carbon Accounting Financials (PCAF). This global initiative is aimed at improving the financial sector’s ability to measure and disclose greenhouse gas (GHG)…
Slice Completes Merger with North East Small Finance Bank Overview of the Merger In a significant development in India’s financial landscape, Slice, a prominent fintech company, has successfully completed its merger with North East Small Finance Bank (NESFB). This merger, aimed at enhancing Slice’s banking capabilities, will allow the fintech firm to leverage NESFB’s extensive…
SBI Raises ₹50,000 Crore Through AT1 Bonds at 7.98% Overview of SBI’s Fundraising Initiative The State Bank of India (SBI), one of India’s largest public sector banks, has successfully raised ₹50,000 crore through Additional Tier 1 (AT1) bonds. These bonds were issued at an attractive coupon rate of 7.98%, aimed at bolstering the bank’s capital…
Bank of Baroda to Sell Oman Operations to Bank Dhofar Overview of the Deal Bank of Baroda (BoB), one of India’s leading public sector banks, has announced the sale of its operations in Oman to Bank Dhofar. This strategic move aligns with BoB’s focus on strengthening its balance sheet and optimizing its international operations. The…
PSU Banks Pay ₹6,481 Crore Dividend to Government for FY 2023-24 In the financial year 2023-24, Public Sector Undertaking (PSU) banks have contributed significantly to the government’s revenue by paying a substantial dividend amounting to ₹6,481 crore. This financial contribution highlights the robust performance and profitability of PSU banks, marking an essential development in the…
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